Condos

Puamana Year End 2017, And Where Are We Now?

It seems like when it came to anything I wrote regarding Puamana earlier this year the stories and headlines were very much the same, with over sensationalized themes that referenced HEAVY HEAT such as, Hot Tamale! Puamana is Sizzling or Holy Moly: Puamana Sales on Fire. Well, as 2017 comes to an end and while the year as a whole was quite optimistic from a value standpoint, it looks like Puamana – Lahaina’s gold coast gem of a property has simmered down to a smaller, but still warm campfire for the moment (just the way we like it).

Things to Know for 2017 (and for 2018)

  • Puamana has had 10 sales through 11/28, 8 prior to June 1st. Historically, this gated oceanfront community averages just over 11 sales annually.
  • 7 of those units were 2-bedroom, 3 units were 3-bedroom and 2 were oceanfront
  • Units sold for an average of 95% of list price, $862/sq ft or an average sale price of $1.067M
  • Average Days on Market was 114 days
  • Only 3 units are currently active on the MLS (low inventory)

2017 Puamana Sales

MLS # # Sold Bldg Nm Unit Bds Bths Liv-SF L Price Sold Price Price/Liv-SF Closing Date DOM
375912 1 Puamana 240-3 3 4 1,481 $1,800,000 $1,800,000 $1,215 10/12/2017 62
373670 1 Puamana 153-4 3 2.5 1,479 $1,175,000 $1,160,000 $784 7/14/2017 96
371991 1 Puamana 175-3 2 2 794 $825,000 $760,000 $957 5/17/2017 168
371996 1 Puamana 35-2 2 3 1,098 $875,000 $860,000 $783 4/18/2017 139
371993 1 Puamana 52-3 2 2.5 1,328 $1,095,000 $1,040,000 $783 4/10/2017 131
371895 1 Puamana 216-4 2 2 1,264 $1,875,000 $1,750,000 $1,384 3/28/2017 118
372060 1 Puamana 177-3 2 2.5 1,098 $795,000 $770,000 $701 3/13/2017 103
370950 1 Puamana 15-3 2 2.5 1,098 $789,000 $750,000 $683 2/24/2017 151
372249 1 Puamana 5-2 3 3 1,254 $1,075,000 $1,065,000 $849 2/15/2017 97
371698 1 Puamana 145-1 2 2.5 1,500 $898,000 $723,000 $482 1/31/2017 75
TOTAL 10 AVG $1,120,200 $1,067,800 $862 114

 

For Perspective

This is the where are we now part. As the first graph above shows, Puamana’s 2017 average sales price of $1.067M equals 73% of the average sales price from 2008 when the 6 units that sold did so for an average price of $1.467M (2008 being the astronomical high of the Maui market). And currently, we are in the rough vicinity of that era as 2017 prices are approximately 94% of the average price values from 2005-2007. How is the real estate market you ask?

Currently – there are 3 active listings for sale and 1 pending under contract. This time last year – Inventory was abnormally high with 11 active listings. Plus we hadn’t seen but 1 sale since July and the election hangover thing was in full effect. This time 5 years ago – the average sale price in Puamana was $815K.

Oceanfront Sales

As I said earlier, 2 lucky Buyers scored oceanfront units in 2017 and did so at an average sale price of $1.775M or $1300/sq ft. Historically 3 sell per year and comparatively speaking, Puamana’s price per square foot price competes (as strong) with other premium Kaanapali & Kapalua luxury oceanfront vacation resorts. And just think many of these $1200/sq. ft. Puamana units are then knocked all the way down to the slab in order to rebuild/remodel.

 

Price/Living Sq ft Timeframe
$1,270 avg pr/ liv sq ft since 2000
$1,427 avg pr/ liv sq ft since 2004
$1,457 avg pr/ liv sq ft since 2011
$1,474 avg pr/ liv sq ft since 2014

 

Wanna Know More?

If you are in the market for buying or selling Puamana real estate, or have any questions about the neighborhood, this article or West Maui real estate in general, please feel free to contact me. I welcome the opportunity to give you information about my previous sales performance and marketing strategies free of any sales pitches.

For resourceful, one of a kind statistics, information, and updates subscribe to my newsletter .

Related Links:

Puamana in Lahaina: Reasons Why It’s Best

Front Street: Find Your Lahaina Life!

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peter francis

December 5, 2017

Hello,
My wife and I are very familiar with Puamana, we stared staying there in the late 70`s, and loved it…

If you would, please send us any info on 2 bed 2 bath units, anywhere on the property, we`d like to keep in the loop

thanks for your help, peter b.

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